S&P Global expects Saudi economy to grow by 1.4% in 2024

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S&P Global Ratings expects the Saudi economy to grow by 1.4% in 2024, compared to its previous forecast of 1.5%.

The agency also forecast the economy to expand by 5.3% in 2025, versus earlier estimates of 5.4%.

It expects inflation to reach 1.8% in 2024, compared to a previous estimate of 2.1%. In 2025, inflation is expected at 1.6%, down from 2%.

S&P recently affirmed Saudi Arabia's credit rating at A/A-1 in both local and foreign currencies, revising its outlook from stable to positive, according to Argaam’s data.

The agency expects gross domestic product (GDP) to continue to grow from 2024 to 2027, driven by increased non-oil investments and higher consumption rates.